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Switching Mortgage PPI - Help with the procedure please
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mleonard79
Posts: 1,616 Forumite
Hi everyone,
I'm helping my mum switch her mortgage PPI over from Direct Line to Paymentcare as it is a better policy and a little cheaper. In order to not have the 60 day exclusion on the new policy we have to apply for exactly the same monthly benefit as on the old policy (£420). We remortgaged a few months back though and the monthly payment is now £466. My mum's quite happy to just ask for the £420 as it's not a big difference but while going through the application it asks what the monthly mortgage payment is and when I put £466 in it immediately changes the amount of the cover to this which would mean we wouldn't avoid the exclusion period. Would there be any problems if we had to claim if we just put in £420 as the mortgage payment? I just don't want to do anything that would jeapordise the cover but also some chunks of the mortgage will be getting paid off in the next year or so and the payment will be coming down to below £420 anyway. Also do you need to inform PPI companies if your payment changes and if the payment goes below £420 can we lower the cover? Thanks for any advice.
Regards
Michelle
I'm helping my mum switch her mortgage PPI over from Direct Line to Paymentcare as it is a better policy and a little cheaper. In order to not have the 60 day exclusion on the new policy we have to apply for exactly the same monthly benefit as on the old policy (£420). We remortgaged a few months back though and the monthly payment is now £466. My mum's quite happy to just ask for the £420 as it's not a big difference but while going through the application it asks what the monthly mortgage payment is and when I put £466 in it immediately changes the amount of the cover to this which would mean we wouldn't avoid the exclusion period. Would there be any problems if we had to claim if we just put in £420 as the mortgage payment? I just don't want to do anything that would jeapordise the cover but also some chunks of the mortgage will be getting paid off in the next year or so and the payment will be coming down to below £420 anyway. Also do you need to inform PPI companies if your payment changes and if the payment goes below £420 can we lower the cover? Thanks for any advice.
Regards
Michelle
:hello: :hello: :hello:
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Just bumping this up in case any of you experts out there that can help have missed it! Thanks.:hello: :hello: :hello:0
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